I understand that I have to go to the court then have an OR telephone interview approx 2 weeks after this to see what I will have to pay and for how long...this is an IPA? I also understand that this will be on my credit file for 6 years.
But what happens after that? What exactly does discharge mean and what is the timescale for this? Am I only able to have a cash account for the next 6 years? Does a cash account mean a debit card? (no interest in credit cards etc...once down that road is enough for anyone I reckon, but a debit card is handy for not always having to carry cash around). Will work have to be informed? Will my tax code alter? Also would it be possible to move overseas? If I do move overseas (technically employment on a boat) what are the implications? Long term...what about a partner (one lives in hope!!)...would they ever be affected by my bankruptcy?
Sorry for all the questions...I probably have a hundred more!!!
Yes you are correct about the IPA - it all depends on how much disposable income you have and you only pay a percentage of that disposable income. You are an undischarged BR for 12 months unless the OR discharges you earlier - it does happen! Whilst undischarged you cannot have more than £500 credit, be a director of a company etc etc. I have a co-op cashminder account - a basic account with no credit facilities - overdraft, cheque book etc. It does have a debit card - so yes you can have a debit butnot a credit card. You could have one of the pre-paid credit cards as well if you want. Your work will not be informed by the OR, they may see it in the local paper, and your tax code is set to nil for the tax year you go BR. There are other reasons for a nil code other than BR such as a tax refund but it's up to you what you tell them. You can move overseas you just need to inform the OR of your move and any change in income. A partner will not be affected directly by your BR, applications for their finance from your address may be but they/you could do a notice of financial dosassociation with each of the credit ref agencies to prevent this. Hope this helps
Thank you...it clears a few things up for me. I still can't believe that it has come to this, but it has and hopefully life will get better after all this is over!!!
I know, I was horrified at going Br and it really was the last resort, but it really hasn't been that bad. The relief of being debt free was really worth the hassle. It takes a while to get used to! Ask as many questions as you need blindshrimp!!
I have a few questions?
Posted - 21 June 2008 : 07:51:33
